General Motors Co (NYSE:GM) is halting vehicle exports to Russia until further notice, Fox Business reported on Monday, citing a company statement.
What Happened: Detroit, Michigan-based GM stopped production in Russia seven years ago and ended a joint venture in 2019 but still runs a sales operation, and exports about 3,000 cars a year there.
GM did not comment on Russian President Vladimir Putin's actions, according to the report, but was quoted as saying "Our thoughts are with the people of Ukraine at this time."
The automaker said it was also working to safeguard its staff in Russia as it analyses the implications of Western sanctions on its business, according to Fox Business.
Benzinga reached out to GM outside of working hours and was yet to receive a response as of press time.
See Also: Here's How Ford And Other Automakers' Manufacturing Has Been Disrupted By Russia's Ukraine Invasion
Why It Matters: GM, Ford Motor Co (NYSE:F), Volkswagen Group (OTC:VWAGY), and Renault Group (OTC:RNLSY) are among several global automakers set to take a hit on production following Russia's invasion of Ukraine.
Renault — which is reportedly most exposed to Russia — and Volkswagen plan to halt production, while Ford said it would "manage any effects" on its business in real-time, Reuters reported on Friday.
Global semiconductor hub Taiwan has already announced plans to join international economic sanctions against Russia, while Japan has said it would limit semiconductor exports to the country.
Price Action: GM shares closed 1.5% lower at $46.7 a share on Monday.
